Mexico Remittances November 2020


Mexico: Growth in remittances gains speed in November

January 1, 2021

Remittances amounted to USD 3.4 billion in November, representing a 15.6% year-on-year expansion. This follows October's 14.1% year-on-year expansion and comes alongside improving economic and labor market conditions in the U.S. following the Covid-19 impact in early 2020. That said, non-farm payrolls still remain considerably below 2019 levels. Meanwhile, the average amount remitted increased to USD 348 in November from USD 341 in the prior month.

On a 12-month moving average basis in November, remittances amounted to USD 40.1 billion, above the USD 39.6 billion recorded in October. November’s 12-month rolling sum marked an 10.3% rise from a year earlier (October: +9.0% year-on-year).

FocusEconomics panelists expect remittances to reach USD 39.2 billion by end-2021. For 2022, the panel sees remittances at USD 39.8 billion by year-end.


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Mexico Remittances Chart

Mexico Remittances November 20 20 0

Note: Year-on-year variation of remittances from Mexican workers abroad and of U.S. non-farm payrolls.
Source: Banco de México (Banxico) and the U.S. Bureau of Labor Statistics.

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